Crow, Newfeld elected AAAS Fellows

 Two faculty members of Arizona State University, including ASU President Michael Crow, are among the 702 newly elected American Association for the Advancement of Science (AAAS) Fellows. A prestigious international scientific society, AAAS is the world’s largest general scientific society.Continue reading

IRS Issues Final Medical Device Regulations

The Internal Revenue Service today released the final regulations on the Medical Device Tax which will go into effect in January of 2013 unless it is repealed between now and the end of the calendar year.

Industry groups from across the country have been actively working with both the IRS and with Congress to share with them the far reaching impacts that the tax will  have on both new innovations and currrent products developed and/or manufactured on shore.

In a report earlier today,  of Fierce Biotechg shared: that the agency is adopting very few of the suggested changes to the law’s major  provisions.

“The final regulations do not adopt this suggestion.” That’s a phrase you get  used to when reading the IRS’s 58-page document on the 2.3% tax. Commenters had  asked for exceptions for devices with medical and non-medical uses, more  specific definitions of “taxable medical devices” and provisions that would  account for a device’s pricing before applying the tax, among other things.

All of these were weighed, debated and ultimately rejected by the IRS, which  by and large affirmed its last guidance, something we covered  in detail last month. In sum, that leaves a 2.3% tax on medical devices as  defined by the FDA,  with exemptions for devices that are sold directly to consumers, destined for  further manufacture or slated to be sold outside the U.S. (Source:  IRS pays little mind to industry feedback in final device tax regs – FierceMedicalDevices )

The new IRS regulations cover 58 pages.  To download a copy, please click here:  Medical Device Tax Final Rules 2012-29628_PI


RiboMed Receives Three Additional Patents for Disease Diagnostics Methods

RiboMed Biotechnologies Inc., a leading Epigenetics-Based Diagnostics company, today announced that the U.S. Patent and Trademark Office has issued three additional patents covering the use of their core technology, Abscription® (Abortive Transcription), for disease and biowarfare agent related biomarker detection. The patents expand protection to MethylMagnet® and MethylMeter®, RiboMed’s bisulfite-free DNA methylation detection products and assays, including a new prognostic test for brain cancer, G-CIMP DecisionDxContinue reading